Shape memory alloys (SMAs) exhibit unique properties that make them ideal for functionally integrated components, such as actuators. While commonly used Ni-Ti alloys are well-established, especially in biomedicine and aerospace, their high cost limits wider applications. Fe-based SMAs present an affordable alternative, suitable for diverse applications, with a larger thermal hysteresis but lower recovery strain. Nonetheless, their functional properties can be enhanced through optimized processing methods like laser powder bed fusion and adjustments to their alloy composition. Laser powder bed fusion was used for modifying the composition and microstructure of a FeMnSiCr-alloy identifying key process parameters of the vaporization. The correlation of process parameters to compositional changes allows targeted in situ modification of the smart material and consequently changes the materials properties. Attendees will gain insights into the targeted use of the laser powder bed fusion process for in situ customized iron-based shape memory alloys.